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| #1 PIN OAK FUNDING, LP |
HOME |
| CANE ISLAND / PINE LAKE / R JUDD CRIBBS (updated 8/31/06) |
UPDATE |
| Partnership Formed: |
#1 Pin Oak Funding, LP (12/27/01) 800040083 EIN 68-0505918 |
| Loan Status: |
Property Sold; Litigation Settled; Payoff |
| Borrower / Developer: |
Cane Island, LP; R. Judd Cribbs |
| Develop / Project Stage: |
Section 1 substantially completed with roads, sewers, and other underground, consisting of 115 lots, which 5 completed homes have been built. Utilities have not been completed, as the City of Katy has not released the authorization. Section 2 is unimproved land. |
| Project Name: |
Cane Island / Pine Lake |
| Property Address: |
Unknown |
| Guarantor: |
R. Judd Cribbs |
| Loan Funding Term: |
60 Months |
| Original Loan Amount: |
$4,700,000 15% (February 18, 1999) |
| Principal Balance: |
$4,700,000.00 |
| Stage Funding Due: |
None |
| Title of Property: |
Big State Properties, LLC (trustee for partnership) |
| Lien: |
First |
| Advances by Premiere: |
$100,000 (negotiated) |
| Exit Strategy: |
Sale of Lots |
| General Partner: |
Jefferson Advisors GP, LLC |
| Loan Maintenance by: |
Jefferson Advisors GP, LLC |
| Description of Prop: |
57.5 acres in Katy, Texas
5/2/03 The property has now been sold to Wiese Properties (Aaron Wiese) for the amount of $2.2MM. The vote by the investors passed with 65.83% in favor of the sale. The partnership has received $1.05MM in cash, and has taken a note back from the buyer for $1.15MM, with a maximum six month term. The interest rate is at 6%.
R. Judd Cribbs and Cane Island defaulted on the $4.7 MM loan. R. Judd Cribbs sued Pin Oak Mortgage for usury.
The partnership has significant debt, which most will be paid from the proceeds of the buyer's down payment. The amounts settled are: (approx amounts) Hassell Construction $317,000; JMC Homes six lots; the Premiere Estate $100,000; Judd Cribbes (the former borrower) $125,000; $323,000 in unpaid property taxes, and $90,000 (partial payment) in legal fees to defend the 5 law suits filed by Mr. Cribbs, the suit filed by Hassell Construction, negotiation with the Estate related to the advances paid to the investors, and the issues related to other liens. The debt owed by the partnership is approximately $140,000 in legal fees and $55,000 to the investors who loaned the partnership money. These payments will be paid when the $1.15MM is received, or a portion thereof. The estimated return of principal at this time is 17%.
We are currently looking into the taxes, which were very high based on the estimates received earlier. We will protest these amounts if warranted.
11/26/03 The partnership has received a payoff of $1.15MM that will be distributed to the investors after expenses. (about 20% recovered)
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Photo of Property, if available:
Notice: The information contained in this summary has been acquired by several sources; there are no warranties expressed or implied as to its accuracy and completeness. All information should be independently verified. Nothing contained on this site should be construed as legal advice. If you have legal issues, you should consult an attorney.
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